The Singapore stock market gained ground on Friday, rebounding after a brief pause in its recent rally. The Straits Times Index (STI) added 10.18 points or 0.27% to close at 3,771.63, buoyed by strength in financials, industrials, and REITs. However, renewed selling pressure is anticipated on Monday, given mixed global cues.
Global Market Overview
Asian markets are expected to see a mixed-to-lower performance in this holiday-shortened week, with technology stocks likely leading declines. While European markets ended higher last week, Wall Street closed with losses. The Dow dropped 333.59 points or 0.77% to 42,992.21, the NASDAQ shed 298.37 points or 1.49% to 19,722.03, and the S&P 500 fell 66.75 points or 1.11% to 5,970.84.
For the week, the Dow gained 1.4%, and the NASDAQ and S&P 500 each rose by 1.5%. These figures were influenced by light trading volumes as many investors took time off between Christmas and New Year.
Singapore Market Highlights
On Friday, major contributors to the STI's gains included:
CapitaLand Integrated Commercial Trust (+0.52%)
Genting Singapore (+0.66%)
Keppel Ltd (+0.88%)
Wilmar International (+0.99%)
Yangzijiang Financial (+2.50%)
Meanwhile, notable laggards included Thai Beverage (-0.90%) and Emperador (-1.19%).
Economic Indicators
In the US, retail inventories excluding autos rose by 0.6% month-on-month in November, following an upwardly revised 0.3% increase in October. This supports evidence of resilient consumer demand.
Oil Market Update
Crude oil prices climbed on Friday amid a sharp decline in US inventories and the ongoing Russia-Ukraine conflict. West Texas Intermediate (WTI) crude for February delivery settled at US$70.60 per barrel, marking a 1.4% increase.
Outlook for Singapore
While the STI may open flat or slightly lower on Monday, attention will remain on global trends and the performance of key sectors like financials and technology.
RTTNews
